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Prices of precious MUMBAI, Oct 9: Prices of both the precious metals.....more
Stocks review NEW DELHI, Oct 9: Initial cautious mood of investors....more Banks officers NEW DELHI, Oct 9 : Mr H B Sharma of Bank of Baroda....more |
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Aircraft to take
precautions on December 31 night NEW DELHI, Oct 9: Aircraft on international routes would fly above 12,000 feet and those in the domestic sector below that level on the intervening night of December 31 ....more Nationalised banks MUMBAI, Oct 9: Nationalised banks as a group contributed 54.4 per.....more BSE, NSE witness upbeat MUMBAI, Oct 9: The Bombay Stock Exchange (BSE) and......more Board meet of ITC NEW DELHI, Oct 9: The board of directors of ITC Hotels Limited will.....more Clearance of pending NEW DELHI, Oct 9: Prime Minister Atal Bihari Vajpayee today ........more |
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Prices of precious metals recover due to fresh demand MUMBAI, Oct 9: Prices of both the precious metals recovered at the local bullion market today due to fresh demand from local operators in view of fast-approaching festivals season like Dussera and Diwali coupled with better global and upcountry advices. Prices of white metals per kg, silver .999 and raw varieties regained by Rs 45 and Rs 40 to Rs 8445 and Rs 8320 per kg on renewed buying support from local dealers and industrial users. Sellers were inactive due to poor arrivals. Prices of gold biscuit also shot up by Rs 500 to Rs 56,000 per ten tola while standard mint and 22 carat prices also rose by Rs 55 and Rs 50 to Rs 4785 and Rs 4425 nominal per ten gm respectively on sustained good demand from local buyers and jewellery units. Sellers reserved their stocks because of reduced inflows from neighbouring centres which helped the upward trend, a leading trader said. Closing rates: Silver (per kg).999 Rs 8445 (4' 8400) raw Rs 8320 (Rs 8280 ) Gold (per ten gm) standard mint Rs 4785 ( Rs 4730) 22 carat Rs 4425 (Rs 4375 n) Gold biscuit (per ten tola) Rs 56,000 ( Rs 55,500) (UNI) |
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Stocks
review NEW DELHI, Oct 9: Initial cautious mood of investors gave way to upbeat sentiment as players, enthused by the National Democratic Alliance’ victory at the hustings and upgradation of India’s rating by moody’s, resorted to a buying spree at the later part of the last week. While investors were hesitant initially on the first day of counting of votes, they started picking up shares at rapid pace when it became clear the next day that the NDA will pick up close to 300 seats. The very same day Moody’s investor services raised outlook for India to positive from stable, intensifying the bullish activity at the Delhi Stock Exchange. The DSE witnessed extreme volatility on the first day of counting with the index swinging in the range of 15 points, whereas the next day the index zoomed up by 45.61 points. On the last day of the week (October eight), the pace of buying continued though at a slower pace. The BSE sensex that day crossed historic 5000 points in intra-day trading. The DSE index (base 983) gained 58.66 points at 1078.91 during the week against the previous closing of 1020.25. Among specific category it shares were in great demand and every counter except HCL Infosys witnessed hectic buying. Reports of a 131.37 per cent growth in net profit by Infosys Technologies during the second quarter of this fiscal led to steep rise in demand in that counter. The scrip closed at Rs 8301. There was no comparative figure for the last week as the share was not traded at all at the local bourse. However, the biggest gainer was Zee TC, which zoomed up by Rs 810 at Rs 5150. NIIT flared up by Rs 256 to close at Rs 3155 and Aptech Limited closed up by Rs 247.05 at Rs 1100.05. While Satyam Computer settled at Rs 1305, up by Rs 175, SSI gained Rs 109.75 at Rs 774.95. Pentafour Software moved up by Rs 99.05 at Rs 689.30 and Hindustan Lever rose by Rs 98.50 at Rs 2614. Digital equipment surged up by Rs 84.95 at Rs 824.95, while Glaxo was up by Rs 75 at Rs 839. Among other gainers, BPL went up by Rs 66.95 at Rs 188.50, Abb by Rs 45 at Rs 429, BHEL by Rs 43.75 at Rs 302.75, Ranbaxy Lab by Rs 39.10 at Rs 1159.35, ITC by Rs 38.45 at Rs 859, SBI by Rs 35.65 at Rs 250.10, Gujarat Ambuja Cement by Rs 34.50 at Rs 524 and Dabur India by Rs 34 at Rs 1159. On the other hand, Apollo Tyres dropped Rs 17.55 at Rs 198, while Bajaj Auto fell by Rs 16.90 at Rs 460.10 and Castrol India shed by Rs 12.80 at Rs 370.10. (UNI) |
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Banks officers constitute body NEW DELHI, Oct 9 : Mr H B Sharma of Bank of Baroda was elected as the president of the Nationalised Banks Liasion Officers/PRO’s Forum here. Mr R N Kapoor of Bank of India and Mr Sarda Ram of Union Bank were selected as secretary and joint secretary of the forum respectively. Mr M S Bhinder, Indian Bank, has been elected the treasurer. The other members of the Executive Committee are Mr Arun Mehta, Allahabad Bank Mr R K Oberoi, Canara Bank Mr Vinod Kapoor, State Bank of Bikaner and Jaisalmer and Mr J M R Mehta of Vijaya Bank. The elections were held at a Forum meeting on Friday, a press statement said.(UNI) |
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Aircraft to take precautions on December 31 night NEW DELHI, Oct 9: Aircraft on international routes would fly above 12,000 feet and those in the domestic sector below that level on the intervening night of December 31 and January 1 as per international guidelines to avoid Y2K problems. Specific routes had been charted out for international and domestic travel during that period as per the Asia-Pacific regional plan, Civil Aviation Secretary P V Jayakrishnan said. Stating that the Indian Civil Aviation sector had become Y2K compliant, he said while Y2K monitoring and control systems would be activated at 1300 hours on December 31, a contingency plan chalked out by the Ministry and concerned departments would be activated on 2130 hours the same night. The Indian Civil Aviation Authorities have also taken steps to account for the leap year problem of February 29, 2000, Jayakrishnan, accompanied by Director General Civil Aviation H S Khola and Airports Authority of India Chairman D V Gupta, said at a presentation here. The volume of air traffic within and over India was very major and about 1200 flights, half of them overflying India, were handled on a daily basis. The rest carried an passenger load of 70,000 every day. To a question about Pakistan deciding to stop all flights at 1800 hours on December 31, Jayakrishnan said we have no such plans at this point of time. We are very confident of keeping aircraft on air during that period. All critical systems, including communication, landing, navigation, surveillance, security, flight management and reservations, have been assessed and made compliant, Khola said. He said the Civil Aviation sector was now awaiting external audit by International Civil Aviation Organisation (ICAO) and other bodies. The contingency plan, prepared for the Asia-Pacific region by the ICAO, includes a contingency route structure, flight level segregation, flight restrictions and flight priority management. India has already signed letters of agreement with neighbouring countries to meet any exigency during Y2K period. The countries are Pakistan, Myanmar, Sri Lanka, Nepal, Oman and Maldives. Such an agreement was being finalised with Bangladesh. China was not part of this exercise as there were no direct flights between the two countries, Gupta said. As part of the Y2K combat plans, aeroplanes would have to compulsorily operate the ACAS (Airborne Control And Surveillance), keep all transponders on, carry extra fuel and maintain flight levels except during emergencies. (PTI) |
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| Nationalised banks contributes 54.4 pc
aggregate deposits MUMBAI, Oct 9: Nationalised banks as a group contributed 54.4 per cent of the aggregate deposits while the State Bank of India and its associates accounted for another 24.8 per cent as on June 25, 1999. The shares were 10.8 per cent for another scheduled commercial banks, 6.3 per cent for foreign banks and 3.7 per cent for regional rural banks. As regards gross bank credit, nationalised banks accounted for a share of 48.5 per cent of the total bank credit, while State Bank of India and its associates claimed a share of 29.7 per cent. Other scheduled commercial banks, foreign banks and regional rural banks followed with shares of 11.1 per cent, 7.8 per cent and 3.0 per cent, respectively. Among the states and union territory, the annual point to point growth rate of deposits was highest in Sikkim (31.2 per cent) followed by Lakshadweep (26.9 per cent), Dadra and Nagar Haveli (25.1 per cent), Mizoram (22.8 per cent), Goa (20.9 per cent) and Pondicherry (20.7 per cent). The annual point to point growth rate of bank credit was highest in Jammu and Kashmir (44.9 per cent) followed by Chandigarh (39.4 per cent), Lakshadweep (31.3 per cent), Mizoram and Dadra and Nagar Haveli (29.5 per cent each), Arunachal Pradesh (22.5 per cent) and Himachal Pradesh (22.2 per cent). Six states namely Maharashtra, Delhi, Uttar Pradesh, West Bengal, Tamilnadu and Gujarat together accounted for a total share of 59.7 per cent of aggregate deposits. Similarly, the six states namely Maharashtra, Delhi, Tamil Nadu, Andhra Pradesh, Karnataka and West Bengal together accounted for a total share of 69.2 per cent of gross bank credit. Maharashtra alone contributed 18.8 per cent of total deposits and 25.2 per cent of total credit. The top hundred centres arranged according to size of deposits accounted for 59.0 per cent of the total deposits. Similarly, the top hundred centres arranged according to size of bank credit constituted 73.6 per cent of total bank credit. The all-India Credit-Deposit (c-d) ratio as on June 25, 1999 works out to 54.1 per cent. This ratio was relatively high for foreign banks (67.0 per cent), State Bank of India and its associates (64.7 per cent) and other scheduled commercial banks (55.4 per cent). The C-D ratios were much lower for nationalised banks at 48.3 per cent and regional rural banks at 42.9 per cent. Population group-wise, metropolitan centres had the highest C-D ratio of 75.2 per cent followed by urban centres (41.2 per cent), rural centres (40.0 per cent) and semi-urban centres (33.5 per cent). (UNI) |
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BSE, NSE witness upbeat mood, surpass 5000-mark MUMBAI, Oct 9: The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), witnessed an upbeat mood with the indices registering an all-time-high record during the week ended October 8, 1999. The 30-scrip BSE sensex, barometer of the stock market created history by surpassing the historical 5000-mark touching an all-time high of 5091 points, before finishing for the week at 4981.74 points. The S and P CNX Nifty index too broke all its past records and quoted at a new high of 1479.25. According to maketmen, the firm trend is likely to continue for the next week following the moderate decline in the badla rates. The badla rates opened higher at 29-30 per cent and closed sharply lower at 14-15 per cent. The average rates worked out at 24-25 per cent as against the previous week’s rates of 28-29 per cent, dealers said. Analysts and market experts attributed the bullish phase to various factors including NDA’s spectacular performance in the general elections, upgrading of India’s rating by Moody’s services, the revival of Indian economy, political stability, quick redressal of various pending bills and market-friendly measures in view of the second consecutive term to the BJP led coaliton Government. Backed by these factors, the Foreign Institutional Investors (FIIs) made heavy buying spree during last two days of the week, pushing the the sensex up by nearly 280 points. With their huge buying, the FII investment turned positive at the end of the week. According to Securities and Exchange Board of India (SEBI), the FIIs were net buyers to the tune of Rs 51 crore during the period October 3-8, 1999. Reflecting the market mood, the 30-scrip BSE sensex registered an whopping gain of 279.43 points at 4981.74 points from the previous week’s close of 4702.31 points. The S P CNX nifty index at the NSE shot up by 76.05 points at 1479.25 points from the last Friday’s close of 1403.20 points. The market witnessed a record turnover during the week. The combined turnover on the two bourses stood at Rs 31486.93 crore comprising of Rs 14132.21 crore on NSE and Rs 17354.72 crore. Both the exchanges surpassed their earlier record turnover on Friday and established all-time high records. The NSE witnessed the highest ever turnover of Rs 4192.59 crore, while on the BSE it was Rs 3609.23 crore. The NSE earlier had recorded the highest turnover of Rs 4020.67 crore while the BSE of Rs 3181.11 crore in the past. The S and P CNX nifty index also touched an intra-day all time high of 1502.65 points before closing at 1479.25 points on Friday. It was the week of records and time for celebrations at the 125-year old BSE. Stock brokers at the Bombay Stock Exchange in a symbolic gesture on Friday celebrated the historic event of the BSE sensex touching a landmark figure of 5000 points by releasing 5000 balloons in different shapes and hues from the Jeejeebhoy Towers, Dalal Street, South Mumbai. Reflecting the buoyant mood, the broad-based BSE -100 index points to 2329.51 points as against the last week’s close of 2171.75 points. The BSE-200 and Dollex indices rose by 37.00 and 11.04 points to 538.04 and 206.02 points as against the last week’s close of 501.04 and 194.98 points respectively. S and P CNX nifty junior index at the NSE shot up by 226.10 points to 2939.60 points from the previous close of 2715.50 points. According to marketmen, the rally during the week was confined to the infotech stocks and a few others. (UNI) |
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Board meet of ITC Hotels Ltd on Oct 20 NEW DELHI, Oct 9: The board of directors of ITC Hotels Limited will meet on October 28 to take on record, inter alia, the unaudited financial results of the company for the second quarter ended September 30, 1999. Meanwhile, Corporation Bank has scheduled to hold its next board meeting on October 26, at Bangalore, to consider the audited financial results for the half year ended September 30, 1999. Corporation Bank is one of the few banks which gets its accounts audited at half yearly intervals, a press release said. (UNI) |
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Clearance of pending economic bills priority: PM NEW DELHI, Oct 9: Prime Minister Atal Bihari Vajpayee today indicated that the new Government would give priority to all pending economic bills and formulate a time-bound action plan for the economy. The indication was given to an ASSOCHAM delegation led by its president K P Singh, which called on the Prime Minister, the industry chamber said in a statement. Vajpayee said the time-bound short, medium and long-term action plan would be monitored by the Prime Minister’s Office (PMO). The chamber delegation had suggested establishment of a special cell in PMO to implement and monitor second generation reforms, the release said. The ASSOCHAM president said expectation of the people from the Vajpayee Government was high and any delay in meeting their aspirations would lead to disenchantment. (PTI) |
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